Chinese brokerage GF Securities has partnered with HashKey to introduce tokenized securities in Hong Kong. These securities will be available in U.S. dollar, Hong Kong dollar, and offshore yuan denominations, supporting Hong Kong’s initiative to develop as a cryptocurrency hub.
In a statement released on Friday, HashKey announced that these tokenized securities, named “GF Token,” will accrue daily interest and be redeemable daily. They are designed for high-net-worth individuals and institutional professional investors.
HashKey described this launch as a “major step forward in the city’s real-world asset (RWA) tokenization journey,” aiming to establish a foundation for broader collaboration on tokenized securities within Hong Kong’s financial sector.
The U.S. dollar version of the tokens is benchmarked to the Secured Overnight Financing Rate (SOFR), which measures the cost of borrowing cash overnight, collateralized by Treasury securities. The tokens are issued on HashKey Chain and are scheduled for distribution at a later date.
Zeng Chao, CEO of GF Securities (Hong Kong), stated, “The collaboration with HashKey Group to launch GF Token is a key initiative in building Hong Kong’s tokenized securities ecosystem. We believe this step will further solidify GF Securities (Hong Kong)’s first-mover advantage in emerging digital finance.”
This move by GF Securities follows the Hong Kong government’s announcement on Thursday of a new policy statement. The statement outlines plans to support RWA tokenization and expand its crypto licensing framework. Paul Chan, Hong Kong’s financial secretary, commented that “Policy Statement 2.0 sets out our vision for [digital asset] development and showcases the practical use of tokenization through application, with a view to boosting the diversification of use cases.”
Earlier this week, Guotai Junan International, another Chinese brokerage, announced it had received regulatory approval to offer cryptocurrency trading services in Hong Kong. Additionally, other securities firms, including China Merchants Securities and Huatai International, are seeking license upgrades to enable crypto trading.